DO & CO Aktiengesellschaft:. DO & CO Aktiengesellschaft, AT0000818802
In several countries around the world, restaurants and hotels had to be closed due to the COVID-19 pandemic. This started during the end of the business year 2019/2020 and along with air traffic the operation of airline and airport lounges had to be suspended. Therefore, revenue and results significantly decreased also in this division.
All DO & CO restaurants in Vienna have been reopened in mid-May 2020. Austria implemented a further lockdown for November 2020, with the economic implications being mitigated through government support measures. Encouragingly, revenue from the same period of the previous year was exceeded in the reopening phase. Only the Demel caf? at Vienna's Kohlmarkt remained closed in the first half of the business year 2020/2021.
Moreover, the new retail concept "The Lazy Chef" was launched in the second quarter of the business year 2020/2021. Since August, ready-made meals of DO & CO restaurant quality, which can be easily and quickly prepared at home, have already been sold under the "The Lazy Chef" brand.
In the first half of the business year 2020/2021, the Restaurants, Lounges & Hotel division accounted for revenue of ? 17.21m (PY: ? 67.89m), which translates into a decline of -74.60% on the previous year. At ? -3.15m, EBITDA is below the figure of the same period of the previous year by ? -12.85m (-132.6%). EBIT amounts to ? -17.51m (PY: ? 4.72m).
OUTLOOK With all its different business areas and its diversification across numerous countries and brands DO & CO is one of the companies most severely affected by the current crisis. As early as in March 2020, the Group reacted to the challenges posed by immediately making all decisions necessary to
a.) significantly cut fixed cost and therefore, achieve a maximal reduction of monthly cash burn, b.) carefully manage and reasonably invest liquidity that has already been secured prior to the outbreak of the crisis and c.) work on innovative business models tailored to the "new normal".
All decisions necessary to accomplish the goals mentioned above are taken in consideration of the fact that neither the duration / intensity of the crisis nor the pattern in which revenue will develop toward a pre-crisis level can be predicted. The Management Board is also working on financing solutions to mitigate the effects of an unforeseeable worst case scenario.
Despite a reduction in revenue of almost 80%, the Management Board accomplished to keep the cash burn at a minimum. Investments have been made in promising projects like "DO & CO Lazy Chef" and a new Asian restaurant concept offering contemporary Japanese cuisine.
Furthermore, in the course of this diversification towards more B2C also two new restaurants as well as an exclusive boutique hotel will open at a prime location in Munich's inner city, situated in direct vicinity of the new brand store of DO & CO's long-standing partner and current UEFA Champions League winner FC Bayern Munich. By this also the "Lazy Chef" concept will be expanded to Munich in the course of the next quarter.
Consequently, the Management Board is optimistic that DO & CO will emerge from this crisis with a great learning effect and a competitively viable structure that will enable it to further improve its pre-crisis market position.
DO & CO Aktiengesellschaft ISIN AT0000818802 ? Security abbreviation DOC, DOCO Stephansplatz 12 Reuters DOCO.VI, DOCO.IS 1010 Vienna Bloomberg DOC AV, DOCO. TI ? Number of shares 9,744,000 ? Listed nominal amount 19,488,000 EUR ? Indices ATX, ATX Prime, BIST ALL, BIST 100 Phone: (01) 74 000-0 Official quotation Vienna, Istanbul E-mail: email@example.com Currency EUR, TRY Internet: www.doco.com Initial listing 30 June 1998 (Vienna Stock Exchange) ? ? 2 Dec 2010 (Istanbul Stock Exchange) ?
?Contact: Mag. Maximilian Nausch Group Legal Department
19.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: DO & CO Aktiengesellschaft Stephansplatz 12 1010 Wien
Austria Phone: +43 (1) 535 0644 1010 Fax: +43 (1) 74000-1089 E-mail: firstname.lastname@example.org Internet: www.doco.com ISIN: AT0000818802 WKN: 81880 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange; London, Vienna Stock Exchange (Official Market) EQS News ID: 1149296 ? End of News DGAP News Service